Veterinary Intravenous Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
- Healthcare IT
Intravenous administration of nutrients, drugs, and other fluid components is an important part of veterinary health care. Surge in demand for medicines, vaccines, and related products and services for companion as well as livestock animals and advances in animal health care are anticipated to increase expenditure on veterinary health products including intravenous solutions. Outbreak of new deadly animal diseases is reported periodically. These diseases are a threat for the existence of livestock. The prevention and treatment of such diseases is one of the key market indicators for veterinary therapeutics. Rise in pet ownership, longer life expectancy for companion animals, and increased number of medical treatment options are expected to drive the global veterinary intravenous solutions market during the forecast period. According to the Canadian Institute for Health Information, health care expenditure in the U.S. has increased from US$ 23 Bn in 1988 to an estimated US$ 51 Bn in 2011. Around 25% of this expenditure was on veterinary care, including vaccines and medicines, while a further 20% on OTC products and supplies, with the remainder on accessories and food. This trend is being reflected in other countries, and is projected to drive the global veterinary intravenous solutions market during the forecast period.
Moreover, factors influencing the growing importance of livestock medicines and vaccines such as soaring demand for improved nutrition, particularly animal protein, natural resource limitations, and focus on food safety are anticipated to boost demand for high quality nutrient and intravenous fluid solutions. Increased longevity of pet animals due to improvement in diagnostics, greater emphasis on animal wellness and health prevention by veterinarians, and enhanced nutrition have expanded the use of veterinary medications and intravenous solutions. Companion animal ownership has grown and owners are willing to spend extra on animal health. According to the North American Pet Health Insurance Association, the number of pets insured stood at 1.4 million in 2014. Growing animal health awareness and animal welfare boosts the growth of the veterinary intravenous solutions market.
In terms of product type, the global veterinary intravenous solutions market can be segmented into isotonic crystalloids, synthetic colloids, blood products, dextrose solutions, total parenteral nutrition, and partial parenteral nutrition. Intravenous solutions can be used for dehydration correction, constant intravenous drug administration, blood volume maintenance, and supply nutrients to the body when feeding through mouth is not possible such as in pancreatitis. Geographically, the global veterinary intravenous solutions market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold major share of the global veterinary intravenous solutions market due to presence of better animal health care facilities, rise in fashion of pet ownership, robust regional economics, and more emphasis on disease prevention and wellness by veterinarians and owners. The veterinary intravenous solutions market in Europe is expected to witness rapid growth, attributed to high awareness about animal welfare in the region and increase in expenditure on veterinary amenities. A report by the European Pet Food Industry Federation indicated that over 75 million households in Europe own a pet. Countries such as China, Japan, and India in Asia Pacific are poised to be the most promising markets for veterinary intravenous solutions in the near future. Major factors for the positive outlook are large livestock population, expansion of health care infrastructure, and increase in emphasis on research and development in the animal health care sector.
Key players in the global veterinary intravenous solutions market are LMI-Vet LLC, Aspen Vet, Pfizer, Inc., Dechra Veterinary Products, Sypharma, Merck & Co., Inc. (MSD Veterinary Manual), Animalcare, and Zoetis, Inc.
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